Studi Komparatif Efek Sinergi Dan Kinerja Keuangan Pada Aksi Merger Bank Bumn Syariah

Tri, Ardiansa (2022) Studi Komparatif Efek Sinergi Dan Kinerja Keuangan Pada Aksi Merger Bank Bumn Syariah. Other thesis, Institut Teknologi Sepuluh Nopember.

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Abstract

Dalam rangka menjadikan Bank Syariah BUMN menjadi pilar ekonomi nasional dan mendorong Indonesia sebagai pusat ekonomi dan keuangan syariah global, Pemerintah melalui Kementerian Badan Usaha Milik Negara (BUMN) melakukan aksi korporasi penggabungan atau merger tiga Bank Syariah BUMN yaitu Bank Mandiri Syariah, Bank BNI Syariah, dan Bank BRI Syariah menjadi Bank Syariah Indonesia. Aksi korporasi merger ini berorientasi pada penciptaan sinergi dan penambahan nilai perusahaan. Tujuan studi komparatif pada penelitian ini adalah menilai dan menganalisis efek sinergi yang dihasilkan ditinjau dari perbedaan nilai valuasi perusahaan serta membandingkan kinerja keuangan perbankan sebelum dan sesudah merger. Pendekatan yang digunakan untuk menilai sinergi dalam penelitian ini menggunakan pendekatan Relative Valuation Model dengan tools yang digunakan yaitu multiples dan pendekatan Dividend Discounted Model (DDM). Sedangkan, kinerja keuangan diukur berdasarkan lima indikator rasio keuangan perbankan berdasarkan pendekatan analisis CAELS (Capital adequacy, Asset quality, Earnings, Liquidity, and Sensitivity). Berdasarkan hasil penelitian, nilai efek sinergi berhasil dihitung dan dianalisis. Efek sinergi positif terciptadengan nilai sinergi valuasi berbasis market terbesar didapatkan pada metode EV/EBITDA dengan efek sinergi mencapai Rp30,08 triliun dan efek sinergi valuasi berbasis income terbesar ditemukan pada metode DDM Best Case (EPS 3,50%) dengan efek sinergi mencapai Rp6,67 triliun. Sedangkan, nilai sinergi berbasis nilai rekonsiliasi didapatkan nilai sinergi terbesar mencapai Rp24,90 triliun. Analisis kinerja keuangan juga berhasil dilakukan dan menghasilkan Peringkat Komposit ‘Baik’ pada kedua kondisi baik sebelum dan sesudah merger. Hal ini menandakan bahwa tidak terdapat pengaruh negatif dari adanya aksi merger Bank BUMN Syariah terhadap kinerja keuangan perbankan, baik sebelum dan sesudah merger berdasarkan analisis rasio-rasio dalam laporan keuangan menggunakan analisis CAELS. Aksi merger terbukti mampu menjadi strategi akselerasi pertumbuhan industri perbankan syariah di Indonesia.
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In order to make State-Owned Sharia Banks as a pillar of the national economy and encourage Indonesia to be the global Islamic economic and financial center, the Government through the Ministry of State-Owned Enterprises (BUMN) carried out a corporate action to merge three State-Owned Sharia Banks, namely Bank Mandiri Syariah, Bank BNI Syariah, and Bank BRI Syariah became Bank Syariah Indonesia. This corporate merger action is oriented towards creating synergies and adding value to the company. The purpose of this comparative study is to assess and analyze the resulting synergy effect in terms of differences in company valuations and to compare the financial performance of banks before and after the merger actions. The approach used to assess the synergy in this study are the Relative Valuation Model approach with the tools used are multiples and the Dividend Discounted Model (DDM) approach. Meanwhile, financial performance is measured based on five indicators of banking financial ratios based on the CAELS analysis approach (Capital adequacy, Asset quality, Earnings, Liquidity, and Sensitivity). Based on the results of the study, the value of the synergy effect was calculated and analyzed. The positive synergy effect was created with the largest market-based valuation synergy value found in the EV/EBITDA method with a synergistic effect reaching Rp30.08 trillion and the largest income-based valuation synergy effect found in the DDM Best Case method (EPS 3.50%) with a synergistic effect reaching Rp6.67 trillion. Meanwhile, the synergies value based on the reconciliation value obtained the largest synergy value reaching Rp24.90 trillion. Financial performance analysis was also successfully carried out and resulted in a 'Good' Composite Rating for both conditions before and after the merger. This indicates that there is no negative effect of the merger of BUMN Syariah Banks on the financial performance of banks, both before and after the merger based on the analysis of ratios in the financial statements using CAELS analysis. The merger action has proven to be a strategy for accelerating the growth of the Islamic banking industry in Indonesia.

Item Type:	Thesis (Other)
Additional Information:	RSI 658.152 Tri s-1 2022
Uncontrolled Keywords:	Bank Syariah, Merger, Valuasi, Efek Sinergi, Kinerja Keuangan, CAELS
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD1393.25 Business enterprises
Divisions:	Faculty of Industrial Technology and Systems Engineering (INDSYS) > Industrial Engineering > 26201-(S1) Undergraduate Thesis
Depositing User:	Anis Wulandari
Date Deposited:	23 Jun 2023 11:27
Last Modified:	23 Jun 2023 11:27
URI:	http://repository.its.ac.id/id/eprint/98202

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